You have a product that you love and a brand that you want to launch. Now you are eager to start this startup. You have the challenge to think smarter and do the right thing: research!
Research goes beyond just going to a local boutique and looking at their products, or asking a friend about your designs. It’s more than simply doing some research. You need to gather information on demographics (who, what), psychographics (likes and loves, the emotional reasons why people buy), overall consumer spending, and online shopping habits (online and offline) to ensure your startup is successful and reduces the chance of it failing.
IS THERE A MARKET FOR MY PRODUCTS?
Startups fail because they create products that nobody wants or needs. Spend your time and money creating and manufacturing the product you want. Then spend time making sure the product is right for the market. Focus groups are a good research tool. You can also use family and friends to help you gather information, but make sure they are objective and honest. You can also use buyer/consumer interviews and questionnaires. Research is part of shopping.
Compare the brands and stores that you are shopping at. What’s hot? What’s being overlooked. Social media can also be very revealing. What is generating the most love on IG You can find a lot by looking around!
STEP BY STEP: READ IT RIGHT
Your product’s market relevancy, the number of competitors, distribution to retailers, consumer profiles, sewing contractor, and point of differentiation are all factors that will determine its success. You can find all this information with good research!
- YOUR CUSTOMER
Who will sell your product? Talk to buyers in bricks and mortar shops, or online. It will be possible to learn about their needs and preferences. You’ll learn their preferences and the issues they face (e.g. late shipping, incorrect price point, product positioning). This information will help you to create a better product or business plan. You might be able to get pre-orders if your product is distinctive enough and you have a sample.
- YOUR COMPETITION
It is important to know who your competitors are and why your product is different from them. What are their selling points? This research will help you discover new markets for your products and which social media channels are gaining the most attention.
- OUR PRICE APPEAL
Research can help you determine your final price point and where to market it. This is possible by looking at production costs and product quality early. There are many options. The research will show you how to price it correctly so that you can cover costs and make money.
GET A MODEL – A BUSINESS MODEL
Your business model is your blueprint. This is where you will define your revenue sources, finances, brand identity, and marketing potential. Pick a successful brand to emulate and analyze their business model/structure before you begin. While you don’t have to imitate it, it is a good idea to base your business model on a successful story.
Although financing your dream product might not be something you are interested in, it is important. Startup capital is essential. For an estimate of your financial needs over the course of a year, you can research this site. What amount will you need to save to ship, manufacture, and pay taxes? What is your profit margin? Remember that rent is a monthly expense unless you have a side hustle or significant capital.
WHAT IS THE POINT of DIFFERENCE?
No matter how cool, fun, or functional, there is a likely product that is similar. What is your product’s appeal, use, relevance, and what will make it stand out? If your product is not distinguishable from its competition in terms of design, packaging, and shelf appeal, you should review it.
DO NOT FEEL CHEATED
Entrepreneurs need passion, but also determination. You can lose your focus on your goals after the first setback, or feel like giving in to despair. But remember to keep going and reaffirm the “do it” spirit that you had when you started the startup. Remember that hard work and perseverance are the only way to succeed.
Do you need some support or answers? You can find someone who is successful in your industry and admires you. Connect with Source.
We’ve covered some common traps that startups fall into. Now, let’s get started.
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